• Register
Return to: Home > News > IASB issues interim IFRS 14, and seeks feedback on IFRS3

IASB issues interim IFRS 14, and seeks feedback on IFRS3

The International Accounting Standards Board (IASB) has begun a public consultation of its review of IFRS 3: Business Combinations and also issued an interim standard IFRS 14: Regulatory Deferral Accounts.

The IASB currently considering the broad issues of rate regulation, which IFRS currently doesn't provide specific guidance for, and the standard setter plans to publish a discussion paper on the topic in 2014. Until then, IFRS 14 has been developed as an interim measure.

It permits first-time adopters to continue to recognise amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS. IT also requires the effect of rate regulation be presented separately from other items for entities that already apply IFRS and do not recognise such amounts.

The IASB has also published a Request for Information on experience with, and the effect of, implementing IFRS 3: Business Combinations.

Feedback is sought on whether the standard provides information that is useful to users of financial statements, whether there are areas of the standard that represent implementation challenges and whether unexpected costs have arisen when preparing, auditing or enforcing the requirements of the standard.

The deadline for feedback on IFRS 3 is 30 May 2014, and IFRS 14 will come into effect from 1 January 2016, with early application permitted.

Related Link

The International Accounting Standards Board

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.